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News Insolvency proceedings ordered against Andhra Cements

Insolvency proceedings ordered against Andhra Cements

Written by Global Cement staff 29 April 2022
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India: The National Company Law Tribunal (NCLT) has started insolvency proceedings against Andhra Cement, a subsidiary of Jaypee Group. The decision by the NCLT follows a petition filed by Pridhvi Asset Reconstruction and Securitisation claiming a default relating to bank loans taken out between 2012 and 2016, according to the Press Trust of India. Separately, Andhra Cement has asked its creditors to submit their claims by 10 May 2022 before the Interim Resolution Professional (IRP). Local media has also reported that the cement producer had been unable to operate its cement plant at above 60% capacity utilisation due to a shortage of working capital.

Last modified on 04 May 2022
Published in Global Cement News
Tagged under
  • India
  • National Company Law Tribunal
  • Jaypee Group
  • Loan
  • Bankrupt
  • bank
  • funding
  • Capacity utilisation
  • GCW555

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